35 AI Superstars According to Goldman Sachs

8. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 130

Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor infrastructure software solutions. The stock has rallied since latest numbers from the Semiconductor Industry Association revealed that semi sales had risen significantly in August. According to SIA, semiconductor sales in August rose nearly 21% year-over-year to surpass $53 billion. This also represented a 3.5% month-over-month increase in semi sales. John Neuffer, the CEO of SIA, said the global semiconductor market continued to grow substantially in August, hitting its highest-ever sales total for the month of August, and month-to-month sales increased for the fifth consecutive month. Year-to-year sales also increased by the largest percentage since April 2022. Per Neuffer, this increase was driven by a 43.9% year-to-year sales increase into the Americas, and month-to-month sales were up across all regions for the first time since October 2023.

The Broadcom Inc. (NASDAQ:AVGO) stock rally in the past few weeks had increased the valuation of the firm to more than $825 billion. This forces the chipmaker into conversations around the Magnificent Seven, a group of seven firms dubbed the largest in the world and certainly the biggest in the United States. Carmaker Tesla occupies the seventh spot in this group, but the market capitalization of the EV firm is now less than that of Broadcom.